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Success Factors and Barriers for Crowdfunding Campaigns for Arts-Based Projects in the UK

Authors
Type
Published Article
Journal
The IUP Journal of Entrepreneurship Development
Publication Date
Aug 23, 2018
Source
MyScienceWork
License
Green

Abstract

Crowdfunding has become a valuable source of funding for new businesses and projects, and this study investigates what makes a successful campaign in the Arts. The study reports similar findings as other studies such as need to be prepared with a clear and transparent video disclosing the content and uniqueness of projects, appropriate modest funding target and many investors being geographically close to the artists and their existing network. Although investors were not strictly early adopters as might be found with hi-tech investors, they still want something unique and personal as a reward. However, it is found that they are worried by the amount of time and resources needed to promote the project and supply rewards. Some did not feel comfortable in asking for money, and copyright was mentioned as an issue. Interestingly, most cases investigated used crowdfunding as one of the sources along with other sources like grant funding.

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